(Press Release)
Oras Invest Oy has published today following press release concerning the sale of Kemira Oyj shares:
ORAS INVEST BECOMES LARGEST OWNER OF KEMIRA
The state sells largest part of its holding
Oras Invest group has acquired in total approximately 21.4 million Kemira Plc shares from the Finnish state. The shares amount to 17.1 per cent of Kemira's share capital. After the acquisition Oras Invest becomes the largest owner of Kemira.
The price in this transaction is 16.35 euros per share, in total 349.6 million euros. The market value of Kemira shares at the end of trading on Tuesday was 15.75 euros per share.
At the same time, the Finnish state sells a total amount of 15 per cent of shares to Varma Mutual Pension Insurance Company, Ilmarinen Mutual Pension Insurance Company, Suomi Mutal Life Assurance Company and Sampo Life Insurance Company out of its 48.6 per cent holding in Kemira. After these transactions, the largest shareholders of Kemira after Oras Invest are still the Finnish state (16.5 per cent), Varma (9.7 per cent) and Sampo Life (5.5 per cent). The holding of Oras Invest group is divided between Oras Invest Oy (15.6 per cent) and its board members Pekka, Jari and Jukka Paasikivi, each with a holding of 0.5 per cent.
Pekka Paasikivi, Chairman of the Board, Oras Invest Oy, says: "We want to be long term industrial owners of companies, which we can develop with responsibility and persistence. Kemira has a lot of potential. It is number one in the world in paper and pulp chemical, and has also successfully expanded its business in water chemicals, which is clearly a field of the future. The appreciation for clean water has grown around the world, and it is of great interest to us. Kemira's Tikkurila paints have also reached a strong position in the Nordic consumer markets."
Oras Invest Oy is a family-owned company with ownerships in industrial companies. It is located in Rauma, West coast of Finland. The main holdings are Oras Ltd, a leading Nordic faucets' company, a 24 per cent share of listed company Uponor, a world leading provider of heating and plumbing systems and now a significant share of Kemira. In the end of the year 2006, net assets of Oras Invest Oy were 800 million euros. Oras Invest will finance the Kemira-transaction with cash and debt facilities.
For more information, please contact
Pekka Paasikivi, chairman, Oras Invest Oy, Tel. + 358 50 5010 666
